Brent crude oil futures (BZ) are up by 1% on Tuesday and remain above the $100 level following reports of attacks on energy infrastructure in the Middle East and tankers.
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Forget margin or options. Here's how the pros trade QQQIran launched a drone strike on the United Arab Emirates’ Shah gas field, the world’s largest ultra-sour gas development site, and also targeted the country’s Fujairah Oil Industry Zone. Furthermore, Iraqi officials said that the Majnoon oil field and U.S. embassy in Baghdad were hit and warned of “serious repercussions.”
Tanker Targeted Near the Strait of Hormuz
Meanwhile, the Strait of Hormuz, a global oil chokepoint, remains largely closed as tankers avoid the passageway amid a supply crunch. Earlier today, a tanker anchored near the strait was hit by a projectile, although it hasn’t been confirmed who was responsible for the attack.
Oil prices have climbed by nearly 40% since the start of the U.S.-Iran war on February 28 and are at their highest levels since 2022.